Investor Buys L Street Lofts

Nearly a year after developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets failed to find a buyer in a foreclosure auction on the Sacramento courthouse steps, a southern California investor has paid $21.5 million for most of the L Street Lofts in midtown.  The project was originally built for $55 million and sold 22 of the 92-unit condominium before a suit was filed in 2009 to foreclose.  The now defunct La Jolla Bank, which made a $33 million loan to construct the L Street Lofts was shut down by federal regulators in 2010 and its assets were purchased last year by OneWest Bank.

Source: Sacramento Business Journal

$795K in Funding for 16th Street Greenscape

The Capitol Area Development Authority (CADA) has been awarded $795,000 in funding from the Strategic Growth Council Urban Greening Grant Program (Prop 84) for the 16th Street Greenscape Project.  CADA was one of the few agencies to receive funding over $75,000 and was one of 50 projects selected out of 260 applicant proposals.

The purpose of the 16th Street Greenscape Project is to:

 •Reduce storm water runoff from 16th Street and its sidewalks and reduce water pollution flowing to the Sacramento River

 •Significantly increase the amount of permeable landscaped space in the public right-of-way

 •Reduce air pollution and increase shade

 •Educate the public about the environmental benefits of sustainable streetscape design

 •Support and catalyze urban infill development

 •Improve pedestrian safety and walkability

 •Enhance the physical unity of the 16th Street project area

CADA’s Prop 84 funding award will help to complete the project designs, construct seven intersection bulb-outs, install 16 storm water retention units, and plant 28 street trees. 

CADA’s infill project developers are also participating in the construction of 4 intersection bulb-outs, curbs, gutters and sidewalks in conjunction with the publically-funded storm water retention units.

Maintenance will be carried out by the Midtown Property and Business Improvement District PBID, CADA’s project developers/owners, and the Friends of Fremont Park.  In addition to these partners, other key partners include the City of Sacramento Departments of Utilities and Transportation, the University of California, Davis Arboretum and landscape design students, 16th Street property and business owners, CADA tenants, and neighborhood residents.  Public access to all parts of the project will be unlimited and construction is expected to start in Spring 2013.

Source: http://www.cadanet.org/latest-news/cada-receives-795k-in-funding-for-16th-street-greenscape/

Capitol Towers Sold for $64 million

Beverly Hills-based real estate investment firm Kennedy Wilson has purchased Capitol Towers, completed in 1960, downtown Sacramento complex that includes a 409-unit apartment tower and low-rise garden apartments.

The Southern California company and its partners bought the property at 1500 Seventh St., for $64 million, with $50 million in financing from HFF/Freddie Mac at 3.51 percent, fixed for seven years.

A partnership controlled by the Bond Cos., a nationally known developer with offices in Los Angeles and Chicago, bought Capitol Towers in June 2007. Property records show the partnership borrowed $43 million on the parcel the same day it changed hands.

Capitol Towers has 203 units in its 15-story tower and 206 villa units surrounding the tower. The villa portion is zoned for up to 1,290 units, and the tower features six ground-floor retail outlets.

Source: Sacramento Bee

Fred Mayes Jewelers Clock Restored

Last week City of Sacramento restored the historic Fred Mayes Jewelers clock to its home at 10th and J streets. Time stood still for the mid-20th century clock for 15 years until repair work began last June. The clock was returned to the period of its historical significance. – the art deco style popular when it was designated as a City historic landmark in June of 1982.

The clock is likely more than 100 years old, although the first clear evidence is a 1924 photo of the clock in its original design in front of 1009 K St., its original location. The clock on K Street was located outside the Wiesen and Monk Jewelers until the business was moved to its current location at 10th and J in 1946. It stood outside the one-time Mayor Art Monk’s jewelry store. The jewelry store was purchased by Fred Mayes in 1963. Mayes donated the clock to the City of Sacramento in 1993. Mayes retired in 1998. The clock’s exterior is different than when it left for the foundry in June. As historical experts recommended, a stainless steel case be added to prevent vandalism and preserve the original parts.

Some of the parts of the refurbished clock are new and others original: The mechanical clock movement has been replaced with a modern electronic movement, which will not require winding. The clock will keep accurate time through GPS and will automatically correct itself after power outages or time changes. The imported Italian neon will highlight the art deco engagement style ring design topped off with an illuminated diamond solitaire.

Above info provided by the Downtown Sacramento Partnership

16th Street Streetscape Plan

Next Tuesday the 8^th, the City of Sacramento will move forward with plans to improve the streetscape and pedestrian friendliness of 16th Street, the City has evaluated a conceptual plan provided by Capitol Area Development Authority (CADA) and then developed 30% design plans as well as completed environmental review for streetscape improvements on 16th Street from “S” Street to the Capitol Avenue/ “N” Street alley.

The 30% plans show the preliminary design of new streetscape enhancements along the corridor: including new streetlights, curb extensions, landscaping, and traffic signal upgrades. Funding for the projects being provided by CADA in the amount of $160,000. Sacramento Granicus